The federal, state and local governments shared a total sum of N1.127 trillion from the N1.674 trillion collectable revenue in December 2023.
The December allocation of N1.13 trillion shared by the Federation Account Allocation Committee marks an increase of N500 billion compared to the N1.08 trillion shared with each state in November.
Following its January 2024 meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, the FAAC disclosed in a communique that the N1.13 trillion total distributable revenue included N363.188 billion in distributable statutory revenue, N458.622 billion in distributable Value Added Tax revenue, N17.855 billion in Electronic Money Transfer Levy revenue, and N287.743 billion in Exchange Difference revenue.
Dr. Oluwatoyin Madein, as quoted in a statement by Director of Press and Public Relations Bawa Mokwa on Tuesday, mentioned that a total of N57.92 billion, representing 13% of mineral revenue, was distributed to the benefiting states as derivation revenue.
The statement read, “The N1.13trn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.
“Total deductions for cost of collection was N62.254 billion; total transfers, interventions, and refunds was N484.568 billion.
“Gross statutory revenue of N875.382 billion was received for the month of December 2023. This was lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion.”
The statement added that the gross revenue available from the Value Added Tax in December 2023 was N492.506 billion which was N132.1bn higher than the N360.455 billion available in the month of November 2023.
The communique stated that from the N1,127.408 billion total distributable revenue, the Federal Government received a total of N383.872 billion, the State Governments received N396.693 billion and the Local Government Councils received N288.928 billion.
It added, “A total sum of N57.915 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“From the N363.188 billion distributable statutory revenue, the Federal Government received N173.729 billion, the State Governments received N88.118 billion and the Local Government Councils received N67.935 billion. The sum of N33.406 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
“The Federal Government received N68.793 billion, the State Governments received N229.311 billion and the Local Government Councils received N160.518 billion from the N458.622 billion distributable Value Added Tax revenue.
“The N17.855 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.678 billion, the State Governments received N8.928 billion and the Local Government Councils received N6.249 billion.
“The Federal Government received N138.672 billion from the N 287.743 billion Exchange Difference revenue. The State Governments received N70.336 billion, and the Local Government Councils received N54.226 billion. The sum of N24.509 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.”